Capital Automotive Announces Pricing of 2,350,000 Common Share Offering

MCLEAN, Va., April 23 -- Capital Automotive REIT , today announced that an underwritten public offering of 2,350,000 of its common shares has been priced at $26.00 per share and is expected to close on April 25, 2003. The Company has also granted the underwriters an over-allotment option to purchase up to 352,500 additional shares. All of the common shares are being sold by the Company.

Credit Suisse First Boston is the sole bookrunner and joint lead manager. Citigroup and Friedman Billings Ramsey are also joint lead managers. Other co-managers are A.G. Edwards & Sons, Inc., JPMorgan, BB&T Capital Markets, and Ferris, Baker Watts Incorporated.

About Capital Automotive

Capital Automotive, headquartered in McLean, Virginia, is a self- administered, self-managed real estate investment trust that acquires real property and improvements used by operators of multi-site, multi-franchised automotive dealerships and related businesses.

A copy of the final prospectus relating to this offering may be obtained from Credit Suisse First Boston, 11 Madison Avenue, New York, New York, 10010. This press release shall not constitute an offer to sell or the solicitation of any offer to buy any of the securities of the Company. No assurance can be given that the proposed offering can be completed on acceptable terms.

  Contact Information
  David S. Kay
  Senior Vice President and Chief Financial Officer
  Capital Automotive REIT
  703.394.1302